TRIPOLI, August 27, 2026 – Earlier this week, Chairman Masoud Suleiman of Libya’s National Oil Corporation (NOC) announced the signature of a production-sharing agreement with Chevron. 

The agreement formalises the results of Libya’s 2025 licensing round, its first oil and gas bid round since 2007. Shortly after an MoU was signed in January, Chevron was awarded onshore Contract Area 106 in Libya’s Sirte Basin. This would mark Chevron’s first-ever entry into the country.

Contract Area 106 covers 7,437 sq km of Libya’s most prolific oil-producing region, with estimated 2P reserves of about 100 million boe. Other blocks from the 2025 round went to Eni, QatarEnergy, Repsol, as well as the Turkish state-owned TPAO, and Hungary’s MOL. 

The latest production-sharing agreement was described by Chairman Suleiman as representing a “significant step towards exploring and developing Libya’s resources”, reported the Libya Herald, adding that it is part of the NOC’s strategy in attracting international investment and collaboration. 

Libya has Africa’s largest proven oil reserves, at over 48 billion boe.